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EUROPE
Philippe Legrain: The
eurozone remains stuck in the slow lane - CapX
The
eurozone remains stuck in the slow lane * Crony capitalism continues to hold
back the Eurozone * Both creditor and debtor countries need to do more to boost
investment
Interview Vítor Constâncio: Interview with Thomson
Reuters – ECB
ECB
says QE relatively small so far, has scope – Constancio – Reuters
UK:
Labour market no longer a major concern for BoE – Danske Bank
UNITED STATES
FEDERAL RESERVE
Does the FOMC decision matter much to the markets? – Cam Hui
Q&A: Lawrence Summers and Why It’s Too Early to Raise Rates – WSJ
The Fed is trying to do what nobody else has been able to do – WaPo
5 Things to Watch at This Week’s Fed Meeting – WSJ
All eyes on Fed – The
Guardian
The ‘Nice Mess’ of Monetary Policy - WSJ
REGULARS
U.S. Stocks Surge as Traders
Scramble
Stocks Climb Ahead of
Fed
A Rate Rise Thursday
Would Surprise Investors
Global Daily – ABN AMRO
We expect the Fed to keep rates on
hold, but to continue to signal a rate hike this year – Such a scenario would
be relatively benign for financial markets – We sketch out a more negative
scenario (a 25bp hike) and a positive one (signal of no hike until 2016)
Higher bond yields and equities
ahead of the FOMC meeting * 2-year US Treasury yield on a 4½-year high * FX
lessons from the past three major Fed hiking cycles * Riksbank minutes out
today – a new reaction function?
Markets have been
holding their breath all week ahead of the Federal Open Market Committee
Meeting and today is no exception. At this late hour, though, with what data
remain coming in soft and emerging markets teetering on the brink, we really
have to wonder: is it time?
Mixed US economic data,
including stalled industrial production growth due to the strong dollar and an
unchanged Atlanta Fed forecast for 1.5% GDP growth in the third quarter, offer
food for thought for the Federal Reserve's policy-setting meeting this week.
Merkel rejects criticism
of Germany’s handling of migrant crisis and calls for emergency EU summit * New
poll finds lead for remaining in EU shrinking * Polish President sees
‘eye-to-eye’ with David Cameron over issues of sovereignty * Brussels to
present ‘significant reforms’ to EU-US free trade deal’s arbitration system to
silence critics * Former Polish Finance Minister warns on the perils of
mandatory migrant quotas * German states request further €3bn to deal with
influx of refugees * AfD neck and neck with SPD in Saxony * European Court of
Auditors warns on significant errors in public procurement across EU * ECB VP
says immigration can help stop “demographic suicide” in Europe * Eurozone trade
surplus reaches record high in July
Taxi jam — Summit season continues —
Greek heat
China Plunge Protectors
Unleash Berserk Buying Spree In Last Hour Of Trading As Fed Meeting Begins
Risk appetite was back in rally mode
and risky currencies were generally stronger versus the US dollar, even as the
latter was in turn stronger against the euro and the JPY. This suggests that
the market is either looking for a relatively dovish FOMC tomorrow, or at least
a "non-hawkish" one that doesn't see any confidence-damaging rhetoric
from Janet Yellen and company.
There is some frantic
last-minute positioning for a Fed rate hike going on with the sharp selloff in
US Treasuries. No-one wants to get eggs on their faces here.
FINNISH
Kilpailu
öljyn markkinaosuuksista kovenee * USA:sta hyvät vähittäismyynnin luvut *
Riksbank julkistaa tänään kokouspöytäkirjan * Britannian inflaatio laski
nollaan
Sipilän puhe – YLE
Sipilä
sai poikkeuksellisen huomion, mutta sanoi yllättävän vähän –
HS
Kannattiko
pääministerin puhe? – HS
SDP
eri mieltä Sipilän puheen sisällöstä – IL
Timo
Haapala: Sipilä ohitti ay-änkyrät ja vetosi suoraan kansaan –
MTV
Henri
Karjalainen: Hallituksen leikkaukset ja deflaatioriski sisämarkkinolla –
US